l2e
- 30 Apr 2003 07:12
BP dissapointed private investors as the share price slid even though a
Massive 136 percent jump in profits were recorded for the last quarter.
This was already expected and comments from Lord Browne saying falls in oil expected have brought also helped the stock down.
He says can stand oil price even below $16 pb
The hostage situation in Nigeria getting bad maybe BP putting on some weight today?
Locals want enviroment cleaned up and profits shared.
Any chance?
skinny
- 02 Aug 2010 12:11
- 232 of 688
BP will begin the process to permanently plug the oil leak in the Gulf of Mexico as soon as this evening, as the US backlash against the company continues.
The operation, known as a "static kill" and which involves the pumping of mud into the well, will force the oil back into the reservoir.
BP will then complete drilling the relief well to pump mud and cement into the Macondo to permanently plug the spill source. The well has been temporarily capped since 15 July, but the danger still lurks that it will start leaking again before completion of the relief well. However. the so-called static kill will potentially shut off the well two weeks before the relief well could.
The company had hoped to have completed plugging the leak by the middle of last month, but was hampered by tropical storm Barnie.
Away from the Gulf, spill there are continuing problems for BP, with calls for its American petrol stations to be re-branded amid falling sales. The distributors who control most of BP's US forecourts say sales have dipped by as much as 40% since the Deepwater Horizon explosion on 20 April.
John Kleine, executive director of the BP Amoco Marketers Association, wants to see BP stations revert to Amoco, the name the firm abandoned in 1998 when it took over the US oil giant.
Some petrol station owners hope the name change will not only help ailing sales but put a halt to the instances of vandalism that have occurred since the disastrous oil spill. However, BP has ruled out a brand change in the immediate future.
BP suffered a further blow on Friday as the House of Representatives passed an amendment containing rigorous oil safety standards that could, if they became law, prevent the company from undertaking further offshore drilling. The proposal is not, however, under Senate consideration.
skinny
- 03 Aug 2010 07:05
- 233 of 688
BP: Hydraulic Leak Delays Injection Test At US Gulf Well
Today : Tuesday 3 August 2010
The preliminary steps of Bp PLC's (BP, BP.LN) effort to kill a damaged deepwater well in the U.S. Gulf of Mexico by flooding it with thousands of barrels of drilling mud were delayed until Tuesday, as the company discovered a hydraulic leak in the control mechanism of a cap that's keeping the well shut.
BP said in a statement late Monday that the initial phase of the so-called "static kill" operation, consisting of a test to push crude down the well and into the reservoir by injecting refined oil, would commence after the company repairs the leak. The test was originally scheduled for Monday.
The core part of the static kill operation, which involves pumping large quantities of heavy drilling fluid down into the well, would possibly occur on Tuesday too, the company said.
It would take between 33 and 61 hours to flood the broken well with mud, said retired Coast Guard admiral Thad Allen, who heads the federal oil spill response effort.
In an earlier conference, BP senior vice president Kent Wells said flooding the well could take 2,000 barrels of mud. But Allen mentioned that the amount required would depend on whether oil has been flowing through the drill pipe or whether it also escaped through the gap between the pipe and the rock formation surrounding the well. Responders won't know what the situation of the well is until they start pumping mud, Allen said.
Successfully completing this operation would permanently stop one of the worst environmental disasters in the Gulf Coast region. The gusher that began when Transocean Ltd.'s (RIG) Deepwater Horizon rig blew up and sank in April spewed millions of barrels of oil into the Gulf, a spill much larger than the Exxon Valdez in 1989. The rig was drilling the well for BP.
Optimism that the spill can be controlled has increased since BP capped the well with a new containment system more than two weeks ago, and shut in the flow of oil. Crude on the surface of the Gulf is getting harder to find, but it's still affecting some onshore areas, including Louisiana's environmentally fragile marshes.
Wells said if the static kill operation succeeds, responders will have to decide whether to cement the well from the top, through the same lines used to pump the drilling mud, or from the bottom, through a relief well that's scheduled to intercept it by mid-August. Wells added BP has finished inserting pipe into the relief well. Now it only has to drill a short distance to intersect the damaged well.
Allen said the well will not be considered permanently dead "until the relief well is done." If the effort fails, however, and oil pushes back into the ocean, Allen said another vessel, the Discoverer Enterprise, is on stand-by with a back-up containment cap. The replacement, however, may not be done immediately and oil could leak back into the ocean in the interim. There are 22 "very large" ocean skimming vessels waiting on the surface in the case there's a discharge, he said.
Oil spill respondents received criticism from U.S. representative Ed Markey (D., Mass.) during the weekend for allegedly applying more dispersant than was authorized by the Environmental Protection Agency. Allen said the amounts varied daily, and the decision to apply them was made "tactically," when there was no other way to stop the oil from reaching fragile coastline. "To the extent that there's an issue about it, I'm the national incident commander and I'm accountable," he said.
skinny
- 03 Aug 2010 08:28
- 234 of 688
Mitsui & Co: Have Received Payment Request To Cover Costs From BP Spill
Today : Tuesday 3 August 2010
Mitsui & Co. (8031.TO) said Tuesday that MOEX Offshore 2007 LLC has received a payment request totaling $480 million from Bp Exploration and Production Inc. to cover costs for the massive Gulf of Mexico oil spill.
The Japanese firm also said MOEX Offshore, which is wholly owned by a U.S. unit of Mitsui's 69.91%-held Mitsui Oil Exploration Co., may receive more requests from BP Exploration in the future.
However, MOEX Offshore will hold off making a decision on whether to pay for the costs, as it is examining the request while it continues talks with BP Exploration, Mitsui said.
Mitsui & Co. said it booked a loss of Y2.1 billion on the revaluation of fixed assets in the April-June quarter partly due to an appraisal loss related to the mining rights in the affected well.
skinny
- 03 Aug 2010 16:05
- 235 of 688
UPDATE:BP Sells $1.9 Billion Colombian Assets To Ecopetrol,Talisman
Today : Tuesday 3 August 2010
BP PLC (Bp) said Tuesday it has agreed to sell its Colombian oil and gas exploration and production business to Ecopetrol SA (ECOPETROL.BO) and Talisman Energy Inc. (TLM.T) for $1.9 billion.
BP is looking to divest about $30 billion in assets over the next 18 months to raise money to cover the cost of the Gulf of Mexico oil spill. BP has already struck a $7 billion deal to sell assets in North America and Egypt to Apache Corp. (APA).
"I am delighted with the price we have achieved for these assets," said BP Chief Executive Tony Hayward, who will step down on Oct. 1. "BP has been involved in Colombia for more than 20 years...but it now makes sense for the assets to go to owners more willing than BP to invest in their future development."
BP has got a "very, very good" price for the assets, said NCB Stockbrokers analyst Peter Hutton.
The value of the deal is a surprising $32 a barrel for the resources involved, although, "this implied price will be inflated by inclusion of Cusiana gas processing facility and pipelines which needs to be stripped out," he said. This compares with $19.44 per barrel of proved reserves for BP's Apache deal, he said.
This deal bodes well for BP's reported plans to sell its Argentine unit Pan American Energy, said Hutton. "Neither of these are distressed asset sales," he added.
BP is in talks with Argentina's Bridas Corp. to sell its 60% stake in Pan American for around $9 billion, a person familiar with the talks told Dow Jones Newswires last month.
Ecopetrol, Colombia's national oil company, will buy 51% of the business and Talisman 49%. They will pay BP a cash deposit of $1.25 billion and the balance when the deal passes regulatory approvals, expected by the end of this year.
"I am really pleased with this deal," said Ecopetrol's Chief Executive Javier Gutierrez. "It fits into our strategic plan perfectly, bringing new reserves, production and potential areas for our exploratory portfolio," he said.
"These are tremendous assets that our team knows well. They are attractively priced, with excellent running room and we are partnering with the preeminent oil and gas company in Colombia," said Talisman President and Chief Executive John Manzoni. Talisman is already partnered with Ecopetrol in several oil licenses in Colombia and Peru.
BP's Colombia business has interests in five producing fields, four separate pipelines and two offshore exploration blocks, the company said. Net proved reserves total some 60 million barrels of oil equivalent and net production of approximately 25,000 boe a day.
Most of the producing assets are mature. BP discovered the oil and gas reserves in the Casanare province in the early 1990s. Output there peaked in 1999, when it averaged 434,000 barrels a day. BP licenses in the eastern Casanare province are scheduled to expire between 2016 and 2020.
The deal is expensive, but, "there is a lot of upside in the probable reserves, exploration projects," said Rupert Stebbings, a stock analyst at the Colombian unit of Celfin brokerage.
skinny
- 04 Aug 2010 08:39
- 236 of 688
BP Says Gulf Of Mexico Well "Static Kill" Achieved
Today : Wednesday 4 August 2010
BP PLC (Bp) Wednesday said its Macondo well in the Gulf of Mexico appears to have reached a "static condition" after the oil major stopped pumping heavy drilling fluid into it.
"The well pressure is now being controlled by the hydrostatic pressure of the drilling mud, which is the desired outcome of the static kill procedure carried out yesterday (Tuesday)," BP said in a statement.
The initial phase of the effort--called "static kill" by the company--started Tuesday, with engineers injecting low levels of refined oils into the well from the top. This was done to determine if they could stop the crude from flowing upward and push it down into the reservoir 13,000 feet below the sea floor.
After finding this was possible, BP began pumping more than 2,000 barrels of heavy drilling fluid, called "mud," into the well.
BP stopped pumping the fluids into the well after eight hours, the company said, sooner than initially expected.
BP successfully installed a cap on the well in mid-July, three months after the Deepwater Horizon oil rig exploded and sank, killing 11 people and sending 4.9 million barrels of oil into the Gulf. That has halted the uncontrolled flow of oil, but the well still needs to be rendered dead.
"BP will continue to work with the National Incident Commander and other government officials to determine the next course of action, which involves assessing whether to inject cement in the well via the same route," BP said. "A relief well remains the ultimate solution to kill and permanently cement the well."
skinny
- 05 Aug 2010 07:51
- 237 of 688
BP Authorized To Start Cementing Procedure On MC252 Well Thursday
Today : Thursday 5 August 2010
Oil major Bp PLC (BP) said Thursday it has received authorization from the National Incident Commander, or NIC, to conduct cementing operations on the MC252 well as part of the static kill procedure, adding that pumping operations are expected to begin Thursday.
MAIN FACTS:
-The aim of the procedure is to assist with the strategy to kill and isolate the well, and will complement the upcoming relief well operation.
-Shares closed Wednesday at 421.65 pence valuing the company at GBP79.23 billion.
Clubman3509
- 05 Aug 2010 08:30
- 238 of 688
Back to 500 soon IMHO
skinny
- 05 Aug 2010 16:29
- 239 of 688
BP COMMENCES CEMENTING PROCEDURE ON MC252 WELL
HOUSTON - BP today started pumping cement into the MC252 well at 09:15 CDT
(15:15 BST) as part of the static kill procedure. All operations are being
carried out with the guidance and approval of the National Incident Commander
and other government officials.
The aim of the procedure is to assist with the strategy to kill and isolate the
well. This procedure will complement the ongoing relief well operation.
skinny
- 05 Aug 2010 16:30
- 240 of 688
Delay On Senate's Spill Bill Spurs Lobbyists Into Action
Today : Thursday 5 August 2010
Energy and environmental lobbyists will jump back into action in coming weeks as they attempt once again to shape the contents of an oil-spill bill in the U.S. Senate.
After Senate Democrats decided to postpone a vote on a spill bill, saying they'd revive the issue when lawmakers returned from a summer recess in September, stakeholders now say they will redouble their efforts to change the legislation.
For groups representing the energy industry, that means pressing lawmakers to reconsider caps on liability for Bp PLC (BP, BP.LN) and other companies that cause oil spills.
For environmental groups, meanwhile, that means asking Senate members to support a cap on carbon dioxide emissions and to impose renewable electricity standards.
The success of their efforts depends largely on Senate Majority Leader Harry Reid (D., Nev.) and the handful of Democrats who are steering the oil-spill bill through the Senate. Among them are Sens. John Kerry (D., Mass.), Barbara Boxer (D., Calif.), Jeff Bingaman (D, N.M.) and Robert Menendez (D, N.J.).
These Democrats are likely to make at least some changes to the bill they unveiled in July, in large part because they don't have the necessary 60 votes to push it through the chamber in its current form. But it's unclear just how much of the legislation they'd be willing to amend.
"Clearly, the votes weren't there for the proposals that were on the table," said American Petroleum Institute President Jack Gerard. "So there will have to be some adjustments to pass the bill."
The energy industry is going to ask lawmakers to amend current proposals on liability caps. The Democrats' bill eliminates the caps altogether, but Republicans and some Democrats have said that the move would make it prohibitively expensive for small to mid-sized producers to do business.
The debate over liability caps proved to be one of the thorniest issue in the Senate bill, and Reid might have to look at alternative proposals being developed by Sens. Mary Landrieu (D, La.) and Mark Begich (D., Alaska) if he wants to recruit more support.
Energy lobbyists will also ask lawmakers to remove existing proposals that require natural gas companies to disclose the chemicals they use in a drilling process called hydraulic fracturing, Gerard said.
Environmental groups, meanwhile, want lawmakers to reconsider a cap and trade program for carbon dioxide, even if it applies to just one segment of the industries that emit carbon dioxide.
And renewable energy advocates wants Congress to impose renewable electricity standards, which would force power companies to generate a certain portion of their electricity from renewable sources, like wind and solar.
Neither proposals made it into the Democrats' current bill, but they both have supporters on Capitol Hill.
"If the stars align over the next few weeks, there's a chance we could get that enacted this year," said Tony Kriendler, a spokesman for Environmental Defense Fund. "The energy bill is still the natural vehicle."
Given the time constraints facing Senate lawmakers in the fall, Reid might have to scale back the current bill even further to attract enough support to move it through the Senate.
But if Democrats lose interest in passing the measure, or believe its success is unlikely, they could incorporate carbon caps and renewable electricity standards to please environmental groups and other members of their liberal base.
skinny
- 10 Aug 2010 11:55
- 241 of 688
U.S., BP Near Deal on Fund
WASHINGTONThe Obama administration and BP PLC are close to a deal to use future revenues from the oil giant's Gulf of Mexico operations to guarantee its $20 billion cleanup and compensation fund, a move that would give both sides an incentive to continue production in the Gulf, scene of the U.S.'s worst-ever offshore oil spill.
The Justice Department and BP said Monday they had completed talks to establish the fund, which is designed to cover damage claims from residents and businesses hurt by the spill and clean-up efforts by state and local governments. BP paid $3 billion into the fund ahead of schedule.
halifax
- 10 Aug 2010 13:02
- 242 of 688
It would be ironic if after all the political furore BP re- opened the well at a later date and used the oil proceeds to pay into the fund.
Balerboy
- 10 Aug 2010 15:11
- 243 of 688
Being such a gusher I can't see it being abandoned.
skinny
- 08 Sep 2010 12:01
- 245 of 688
BP RELEASES INVESTIGATION REPORT
BP RELEASES REPORT ON CAUSES
OF GULF OF MEXICO TRAGEDY
No single factor caused the Macondo well tragedy. Rather, a sequence of failures
involving a number of different parties led to the explosion and fire which
killed 11 people and caused widespread pollution in the Gulf of Mexico earlier
this year.
A report released by BP today concludes that decisions made by "multiple
companies and work teams" contributed to the accident which it says arose from
"a complex and interlinked series of mechanical failures, human judgments,
engineering design, operational implementation and team interfaces."
skinny
- 08 Sep 2010 13:20
- 246 of 688
BP: No Single Factor Caused Deepwater Horizon Blast
Today : Wednesday 8 September 2010
BP PLC (Bp, BP.LN) on Wednesday said that decisions made by "multiple companies and work teams" contributed to the Gulf oil spill in a report that seeks to apportion blame for the worst offshore oil spill in U.S. history.
The London-based company also said that it was "unlikely" that problems with the design of the well contributed to the April 20 drilling-rig explosion. The conclusion rebuts criticism from Capitol Hill and puts new pressure on Halliburton Co. (HAL), which handled the cementing work on the well, and Transocean Ltd. (RIG), the operator of the Deepwater Horizon rig.
"To put it simply, there was a bad cement job and a failure of the shoe track barrier at the bottom of the well, which let hydrocarbons from the reservoir into the production casing," Tony Hayward, who led BP at the time of the explosion, said in statement. "Based on the report, it would appear unlikely that the well design contributed to the incident, as the investigation found that the hydrocarbons flowed up the production casing through the bottom of the well."
BP is walking a fine line with the release of the report, which was compiled by a team of more than 50 people led by Mark Bly, BP's head of safety and operations. The company must show that it has made a good-faith effort to determine what caused the blast while also dealing with issues of whether it showed gross negligence - which could leave the company facing stiffer penalties - in the period leading up to the blast.
BP also said that the blowout preventer, the last-resort device that is supposed to shut off a well in the event of an pressure surge, "should have activated automatically" but didn't. The company said that was "probably because critical components were not working." The blowout preventer has only recently been recovered from the sea floor and has yet to undergo a full inspection.
Halliburton and Transocean officials were not immediately available for comment.
skinny
- 10 Sep 2010 07:45
- 247 of 688
BP Brings 3Q Earnings Forward One Week To Nov 2
Today : Friday 10 September 2010
Oil major Bp PLC (BP) said Friday it will announce third quarter 2010 earnings on Nov. 2, one week later than previously indicated.
Shares closed Thursday at 415.45 pence valuing the company at GBP78.07 billion.
skinny
- 21 Sep 2010 09:39
- 248 of 688
Western Australia State, BP Plan Demonstration Solar PV Plant
Today : Tuesday 21 September 2010
Western Australia state will provide funding to assist in the construction of a A$58 million demonstration solar photovoltaic power plant built by Bp PLC (BP.LN) and state-backed company Verve Energy, the state government said Tuesday.
The government said the 10 megawatt development would be built as a public-private partnership, with a A$20 million government contribution.
BP Solar said it will carry out engineering and construction activity and the operation and maintenance of the plant once constructed. Work will begin in early 2011 and commissioning is expected in late 2011, it said.
"Demonstration of the technology will facilitate the development of larger projects in the future and is likely to reduce renewable electricity costs in the medium-to-long term," Western Australia Energy Minister Peter Collier said in a statement.
skinny
- 28 Sep 2010 11:24
- 249 of 688
BP Chairman, CEO To Visit India - Oil Minister
Today : Tuesday 28 September 2010
BP PLC's (Bp) Chairman Carl-Henric Svanberg, as well as newly appointed Chief Executive Robert Dudley, will visit India, the country's oil minister Murli Deora said Tuesday.
Deora declined to elaborate on the forthcoming visit of the two senior executives of the U.K.-based oil giant.
Earlier Tuesday, the Mint newspaper reported that Dudley is likely to arrive in India Oct. 4.
BP is looking to sell stakes in some of its fields to finance its Gulf of Mexico oil spill liability, and ONGC Videsh Ltd.--a unit of state-run Oil & Natural Gas Corp. (500312.BY)--wants to buy BP's 35% stake in the $1.3 billion Nam Con Son gas project in Vietnam, the newspaper said, citing an unnamed government official.
ONGC Videsh has a 45% stake in the block, while BP and Petrovietnam Oil & Gas Group hold 35% and 20% each in the project, which has two offshore gas fields, a power project and a pipeline, the newspaper said.
azhar
- 29 Sep 2010 00:16
- 250 of 688
After languishing much of today, shares of BP (BP) suddenly took off in the last quarter of the hour before the close, rising 61 cents, or 1.6%, to $39.32, apparently on rumors the company is in talks with the U.S. government to settle what may be owed in fines for the disaster in the Gulf of Mexico, according to a note this afternoon from Briefing.com
Theres no immediate other news today to account for the sudden gap up. Among todays tidbits, William Reilly, co-chair of the U.S. commission investigating the spill, told reporters today, noted the commission lacks subpoena power to investigate the causes of the spill. And BPs $3.5 billion bond issue, the first since the April 20 disaster in the Gulf of Mexico, was more than two times oversubscribed, writes Katy Burne of Dow Jones Newswires.
skinny
- 15 Oct 2010 07:35
- 251 of 688
US Sends 7th Bill To BP, Seeking $62.6 Million For Oil Spill Response
Today : Friday 15 October 2010
DOW JONES NEWSWIRES
The federal government said it sent a bill for $62.6 million to Bp PLC (BP, BP.LN) and other parties for response and recovery operations related to the massive oil spill in the Gulf of Mexico.
This is the seventh bill the government has sent, and the previous six--totaling $518.4 million--were paid in full by BP, which owned 65% of the lease where a deep-water oil rig exploded and sunk in April, killing 11 workers. The incident touched off the worst offshore oil spill in U.S. history.
In addition to BP, the bills were addressed to Transocean Ltd. (RIG, RIGN.VX), which owned the rig, and to Anadarko Petroleum Corp. (APC) and MOEX Offshore 2007 LLC, both minority investors in the well. The three companies have blamed BP for the spill.
The latest bill covers expenses related to the response of more than two dozen U.S. entities and agencies from four states.
BP in July agreed to create a $20 billion escrow fund to pay individuals and businesses suffering losses from the spill.
Its American depositary shares rose 6 cents to $41.08 in after-hours trading. The ADS were down 29% this year as of the close.